CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

FOR THE SECOND QUARTER AND YEAR-TO-DATE ENDED 30 JUNE 2021

Quarter ended

Year-to-date ended

30.6.2021

30.6.2020

Increase/

30.6.2021

30.6.2020

Increase/

RM'000

RM'000

(Decrease)

RM'000

RM'000

(Decrease)

Revenue

181,071

83,570

117%

302,393

185,431

63%

Operating expenses

(121,347)

(66,628)

(207,684)

(176,292)

Other operating income

3,657

* 15,038

8,519

* 16,496

Operating profit

63,381

31,980

98%

103,228

25,635

303%

Finance costs

(582)

(624)

(1,192)

(1,271)

Profit before tax

62,799

31,356

100%

102,036

24,364

319%

Tax expense

(15,377)

2,923

(25,245)

3,899

Profit for the period

representing total comprehensive

income for the period

47,422

34,279

38%

76,791

28,263

172%

Earnings per share (sen)

Basic

5.93

4.29

38%

9.60

3.53

172%

Diluted

N/A

N/A

N/A

N/A

  • Other operating income for the preceding year corresponding quarter and preceding year-to-date ended 30 June 2020 included the gain on disposal of property, plant and equipment as disclosed in Note 5, Part B of this report.

The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with

the Audited Financial Statements for the financial year ended 31 December 2020 and the accompanying explanatory notes attached to the Interim Financial Statements

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT 30 JUNE 2021

As at

As at

30.6.2021

31.12.2020

RM'000

RM'000

(Audited)

Non-current assets

Property, plant and equipment

1,784,796

1,801,508

Current assets

Inventories

62,206

54,286

Biological assets

35,681

33,889

Receivables

42,282

31,852

Current tax assets

706

1,373

Money market deposits

241,619

195,322

Cash and cash equivalents

65,741

63,655

448,235

380,377

TOTAL ASSETS

2,233,031

2,181,885

Equity attributable to owners of the Company

Share capital

1,475,578

1,475,578

Merger reserves

(1,347,761)

(1,347,761)

Retained earnings

1,620,658

1,587,850

1,748,475

1,715,667

Less: Treasury shares

(841)

(841)

TOTAL EQUITY

1,747,634

1,714,826

Non-current liabilities

Deferred tax liabilities

371,090

373,180

Lease liabilities

42,963

45,610

Current liabilities

414,053

418,790

Payables

44,197

33,230

Current tax liabilities

19,535

5,434

Lease liabilities

7,612

9,605

71,344

48,269

TOTAL LIABILITIES

485,397

467,059

TOTAL EQUITY AND LIABILITIES

2,233,031

2,181,885

Net assets per share (RM)

2.19

2.14

Number of shares net of treasury shares ('000)

799,685

799,685

The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Audited Financial Statements

for the financial year ended 31 December 2020 and the accompanying explanatory notes attached to the Interim Financial Statements

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

FOR THE YEAR-TO-DATE ENDED 30 JUNE 2021

Attributable to Owners of the Company

Non-distributable

Distributable

Share

Merger

Retained

Treasury

Total

capital

reserves

earnings

shares

equity

RM'000

RM'000

RM'000

RM'000

RM'000

At 1 January 2021

1,475,578

(1,347,761)

1,587,850

(841)

1,714,826

Total comprehensive income for the period

-

-

76,791

-

76,791

Dividends

-

-

(43,983)

-

(43,983)

At 30 June 2021

1,475,578

(1,347,761)

1,620,658

(841)

1,747,634

At 1 January 2020

1,475,578

(1,347,761)

1,525,543

(841)

1,652,519

Total comprehensive income for the period

-

-

28,263

-

28,263

Dividends

-

-

(15,994)

-

(15,994)

At 30 June 2020

1,475,578

(1,347,761)

1,537,812

(841)

1,664,788

The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Audited Financial Statements

for the financial year ended 31 December 2020 and the accompanying explanatory notes attached to the Interim Financial Statements

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE YEAR-TO-DATE ENDED 30 JUNE 2021

Year-to-date ended

30.6.2021

30.6.2020

RM'000

RM'000

Cash flows from operating activities

Profit before tax

102,036

24,364

Adjustments for:

Non-cash items

41,697

46,285

Non-operating items

(39)

(12,863)

Dividend income

(1,795)

(1,287)

Net interest expense

677

905

Operating profit before working capital changes

142,576

57,404

Net changes in working capital

(7,383)

1,876

Net tax paid

(12,567)

(3,759)

Net interest paid

(677)

(905)

Net cash generated from operating activities

121,949

54,616

Cash flows from investing activities

Dividend received from money market deposits

1,795

1,287

Increase in money market deposits

(46,297)

(103,488)

Proceeds from disposal of property, plant and equipment

39

76,677

Purchase of property, plant and equipment

(26,228)

(21,598)

Net cash used in investing activities

(70,691)

(47,122)

Cash flows from financing activities

Dividends paid

(43,983)

(15,994)

Payment of lease liabilities

(5,189)

(4,585)

Net cash used in financing activities

(49,172)

(20,579)

Net change in cash and cash equivalents

2,086

(13,085)

Cash and cash equivalents at beginning of period

63,655

49,317

Cash and cash equivalents at end of period

65,741

36,232

Cash and cash equivalents comprise the following amounts:

Deposits with licensed banks

26,000

30,220

Cash in hand and at bank

39,741

6,012

65,741

36,232

The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the Audited Financial Statements

for the financial year ended 31 December 2020 and the accompanying explanatory notes attached to the Interim Financial Statements

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Basis of Preparation

These interim financial statements have been prepared in accordance with the requirements of Malaysian Financial Reporting Standard ["MFRS"] 134, Interim Financial Reporting and paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ["Bursa Securities"], and should be read in conjunction with the Group's audited financial statements for the financial year ended 31 December 2020.

Part A: Explanatory Notes Pursuant to MFRS 134

  1. Significant accounting policies
    The accounting policies and presentation adopted by the Group in these interim financial statements are consistent with those adopted in the audited financial statements for the year ended 31 December 2020.
  2. Comments on the seasonality or cyclicality of operations
    Seasonal or cyclical factors affecting the operational performance of the Group include general climatic conditions, age profile of oil palms, the cyclical nature of annual production and the movements in commodity prices.
  3. Nature and amount of items affecting assets, liabilities, equity, net income, or cash flows that are unusual because of their nature, size or incidence
    Save for the information disclosed in this interim financial report, there were no unusual items affecting assets, liabilities, equity, net income or cash flow during the interim period.
  4. Nature and amount of changes in estimates of amounts reported in prior interim periods of the current financial year or changes in estimates of amounts reported in prior financial years
    There were no changes in estimates of amounts reported in prior interim period of the current financial year or changes in estimates of amounts reported in prior financial years.
  5. Issues, cancellations, repurchases, resale and repayments of debt and equity securities Share buyback by the Company
    During the current quarter, there was no buyback of shares, resale nor cancellation of treasury shares.
    As at 30 June 2021, the Company held a total of 314,800 ordinary shares as treasury shares and the issued share capital of the Company remained unchanged at 800,000,000 ordinary shares.

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Hap Seng Plantations Holdings Bhd published this content on 24 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2021 07:53:02 UTC.